NEW YORK: The two hundred and twelfth entry for the seniors housing Global Award for 2015 has been received.
The Bahrain government has finalized a $1 billion deal to build 3,100 social homes in the country’s largest ever public-private residential partnership.
An agreement has been struck between property developer Diyar and the Ministry of Housing of the Government of Bahrain (MoH). The deal was inked last week.
Under the deal, the MoH has committed to buy the social housing units, affordable housing units and supporting infrastructure from Diyar at a projected cost of around $1 billion once the scheme is built, essentially removing the risk for the developer. The scheme has been in planning for several years but until now has been unable to go ahead.
The project is intended to address the acute shortage of low-cost homes in Bahrain.
